Buying vs Leasing?
The car-shopping experience can, at times, be stressful and complicated. At Daytona Toyota in Daytona Beach, FL, we want to help put your mind at ease and put you behind the wheel of your dream vehicle. The first step in this process is deciding whether to buy or lease your vehicle. To put it simply, when you buy a new or used car, you pay for the entire cost of the vehicle. Leasing requires you to pay for only a portion of the vehicle's cost during the time you are driving it. We have provided you with more details regarding the two options, so you can be better informed when you make a decision. As always, our dedicated staff will be more than happy to assist you with any questions or concerns.
BUYING
WHO OWNS IT
Whether you pay for the car with cash, or finance it and make monthly payments, either way it's yours. Of course, if you're financing it, you'll have to meet the obligations the lender requires, like a certain down payment amount and timely monthly payments. If you don't, they have the right to repossess it.
UP-FRONT COSTS
If you're financing it, the bank will probably request a down payment. You can also trade-in another vehicle and use any equity towards your down payment. The amount of the down payment is usually based on the lender's requirements and your credit score.
FUTURE VALUE
Your vehicle will be worth whatever you can sell it for in the future and that depends on how well you maintain it. (Be smart and protect your investment with regular scheduled maintenance by a factory-authorized facility!)
END OF PAYMENTS
Once you've paid off what you owe on your contract, that's it. Your vehicle is 100% yours. The lending institution will send you a Lien Release as proof that the vehicle is completely paid off and all yours.
LEASING
WHO OWNS IT
You do not own the car when you lease. You're paying for the use of the vehicle, but the finance institution that you leased it through actually owns it. This is usually why you pay less per month in a lease than if you were to buy the car.
UP-FRONT COSTS
Leases often do not require any type of a down payment. All you usually have to pay is the first month's payment, a security deposit, the acquisition fee and other fees and taxes. But, as with a purchase, if you want to lower your monthly payments you can always pay more upfront.
FUTURE VALUE
In most leases you don't end up owning it so you don't end up selling it. That's the financial institution's job. Although you may have mileage limits and wear and tear guidelines that, if you exceed them, could cost you extra money when you turn your vehicle back in.
END OF PAYMENTS
Most people return the vehicle at the end of the lease term. But some like to purchase it during their lease or at the end. Others like to trade it in before their lease is over. Just ask us about these different options before signing any paperwork and we'll make sure you have your lease set up the way you want it.
BEST CARS TO LEASE
The best cars to lease are those with the best book value after the term of the lease. Since they depreciate less, you pay less. Review the lease ratings to see which cars retain their value.
Why Buy at Daytona Toyota?
- Wi-Fi and coffee in the customer lounge
- Largest Toyota dealership in the Daytona area
- Conveniently located in downtown Daytona
- Flat-screen TV in waiting area
- Free Wi-Fi in our showroom
- Multiple custom lounge areas with television
- Wi-Fi and computer access
- Service "on the fly" lets you schedule service while you're away on vacation or business, service shuttle available, Parts and Accessories Center
- Member of Toyota Motors "Certified Collision Repair Network"
- ASE-certified technicians in our service department
If you have any questions or concerns about buying or leasing a vehicle, contact us! We look forward to serving our customers from Daytona Beach, FL, and throughout Palm Coast, DeLand, Ormond Beach and New Smyrna Beach!